China’s central government has confirmed rumors of state auctions of national soybean and soyoil reserves that have been circulating in the past month as domestic raw material costs jumped.
“Based on the current domestic and international market condition, the relevant state departments have decided to rotate out some central edible oil reserves, and will also start policy-based soybean auctions to increase the market supply of soybeans and edible oil,” said China’s National Food and Strategic R...